Reinsurance News
Market pressures forecast to drive M&A activity in 2018: Clyde & Co
21st December 2017
2017's record-level losses from natural catastrophes and other growing market pressures could act as a catalyst for M&A activity in the U.S. insurance industry next year, according to Clyde & Co. Analysts said M&As had taken something of a back seat in the insurance industry over the last 18 months, but ... Read the full article
Enstar completes reinsurance to close of Neon syndicate liabilities
21st December 2017
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has announced the completion of a reinsurance-to-close transaction that sees it assume liabilities from re/insurer Neon Underwriting's syndicate at Lloyd's. Enstar's Lloyd’s of London managing agency, StarStone Underwriting Limited, agreed with Neon that Enstar’s Syndicate 2008 would enter into the reinsurance-to-close transaction, ... Read the full article
Global non-life markets to remain pressurised into 2018: S&P
21st December 2017
Global non-life markets are forecast to remain under pressure in 2018 with combined ratios for non-life re/insurers expected to range from low 90s in emerging markets to high 90s in more mature markets, according to S&Ps latest Financial Services outlook report. The record-level losses of 2017 estimated at between $130 and ... Read the full article
CFAN predicts 80% chance of above average 2018 hurricane season
20th December 2017
Scientists at Climate Forecast Applications Network (CFAN) have forecast an 80% probability of an above normal 2018 Atlantic hurricane season after claiming to have made a breakthrough in understanding the long-range impact of global climate dynamics on Atlantic hurricane activity. Their new model predicts a total Accumulated Cyclone Energy (ACE) of 132 ... Read the full article
Lloyd’s welcomes Bank of England post-Brexit supervision approach
20th December 2017
The Chairman of Lloyd’s Bruce Carnegie-Brown has said that the Corporation welcomes the Bank of England's newly published guidance on its approach to the supervision of international insurers, as well as to branch authorisation and supervision in a post-Brexit world. The Bank of England's Prudential Regulation Authority (PRA) unit has provided ... Read the full article
Hamilton completes Reinsurance to Close on legacy syndicate business
20th December 2017
Hamilton Underwriting, the managing agency of Syndicate 3334 and the Lloyd's operations of Hamilton Insurance Group, has reached an agreement with Randall & Quilter (R&Q) in conjunction with AXA DBIO to support the Reinsurance to Close (RITC) of the syndicate's 2014 and prior years of account. The RITC has estimated net reserves ... Read the full article
GIC Re syndicate at Lloyd’s approved to proceed
20th December 2017
General Insurance Corporation of India (GIC Re) has now received its in principal approval to establish a new syndicate to operate in the Lloyd's of London market. The Lloyd's Franchise Board has approved the move to enter the London-based insurance and reinsurance market, which will help GIC Re move closer ... Read the full article
Price increases in non-life reinsurance will be temporary: Berenberg
20th December 2017
Price increases in non-life reinsurance in 2018 are expected to be short-lived despite record-level 2017 catastrophe losses due to strong market competition as third-party capital continues to flow into the re/insurance space, according to Berenberg analysts. Berenberg explained that as third-party capital enters the re/insurance space “organic capital piles up and ... Read the full article
Volante Global to launch in Q1 2018 as global MGA platform
20th December 2017
Volante Global is set to launch in the first quarter of 2018 as a new UK headquartered multi-class and multi-platform global Managing General Agent (MGA) backed by Nephila Capital and subject to Lloyd's Coverholder approvals where appropriate. The group is establishing an international network of underwriting teams located in key territories ... Read the full article
Asia Pacific insurance outlook stable for 2018, set for growth: Moody’s
20th December 2017
Moody's outlook for the Asia Pacific insurance sector for 2018 is stable, with re/insurance growth led by China driving demand and steady economic momentum across the region as a whole. With insurance penetration rates in most Asian economies still low, long-term demand for life insurance will be driven by the region's ... Read the full article
2017 global insured losses third highest on record at $136bn: Swiss Re
20th December 2017
2017 was the third highest global insured loss year on Swiss Re sigma records with preliminary loss estimates of $136 billion in global insured losses and total economic losses rising dramatically from $188 billion in 2016 to $306 billion this year. The $136 billion of global insured losses is well-above the ... Read the full article
Kuvare Life Re in $850mn fixed annuity reinsurance agreement
20th December 2017
Kuvare Holdings has signed a reinsurance agreement to assume $850 million of fixed annuity reserves through its Bermuda subsidiary, Kuvare Life Re (KLR). The reinsurance agreement is in partnership with a leading international insurer and provides financing support for a multi-billion dollar corporate transaction. Kuvare is a re/insurance platform within the U.S. life ... Read the full article
Lloyd’s approves Coverys Syndicate 1975 to begin underwriting from Jan 1st
20th December 2017
Provider of medical professional liability insurance, Coverys, has announced that Coverys Syndicate 1975 has received Lloyd's of London approval to commence underwriting from January 1st, 2018. Syndicate 1975 will have exclusive backing from Coverys, and will be managed by the insurer's own managing agency, Coverys Managing Agency Ltd. Syndicate 1975 will provide a ... Read the full article
U.S. commercial insurance prices remain flat in Q3
20th December 2017
U.S. commercial insurance prices have remained nearly flat during the third quarter - continuing a trend of moderate price increases since 2013, according to Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). Q3 become the ninth consecutive quarter in which the industry has seen price changes at less than 1%, ... Read the full article
Travelers to establish Dublin subsidiary in wake of Brexit
19th December 2017
In response to the UK's vote to leave the European Union (EU), Travelers Europe, a subsidiary of the Travelers Companies, Inc., is to apply to the Central Bank of Ireland for authorisation to establish a new Dublin-based insurance subsidiary. Travelers is the latest to join a long and growing list of ... Read the full article
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